Sydney

Pullman Cairns International sells

The five-star Pullman Cairns International has sold for $75.08 million in a deal negotiated through JLL

The five-star Pullman Cairns International has sold for $75.08 million in a deal negotiated through JLL Hotels & Hospitality Group's Managing Director – Investment Sales, Mark Durran.

The 321-room hotel is considered one of Australia's finest accommodation offerings, due to its impressive lobby, large guest rooms and extensive conferencing facilities, with 11 meeting rooms over three levels. The 17-storey property also features a restaurant & bar, 10-room "Vie Spa", outdoor pool, spa and gymnasium.

The transaction includes the adjoining Village Lane Retail Centre and under-ground commercial car-park.

Growth in the Queensland hotel markets performance has accelerated in the first quarter of 2015. Cairns in particular had one of the highest growths showing a 15.6% growth in RevPar over the prior year and up 13.5% year on year.

"The deal continues a series of landmark Queensland hotel sales this year, including other iconic properties such as the Sheraton Mirage Gold Coast and Sheraton Noosa Resort." said Mr Durran